Silverfin Working Papers Webinar: Enhanced Accounting Software

In the first of a series of webinars, Mark and Hannah focus on working papers and their advantages over traditional accounting methods. They highlight how Silverfin integrates multiple functions into one platform, enhancing efficiency and collaboration while reducing errors. The platform’s open API allows for seamless data flow and interaction with clients, while templates streamline data entry and reconciliation processes. Participants are encouraged to engage with questions, and the session promises future webinars covering various aspects of Silverfin’s offerings.

Thanks for joining us today for this Silverfin deep dive. This is the first in a series of webinars focusing on particular elements of the system. Today’s topic is working papers, with future sessions covering accounts production, tax, and reporting.

Introductions

• ​Mark: Senior Account Executive at Silverfin, with experience helping firms adopt cloud accounting platforms.
• ​Hannah: Customer Success Manager at Silverfin, former accountant with 16 years in practice, experienced in cloud adoption and change management.

Session Overview

• ​The session is recorded for later viewing.
• ​Q&A is open for participant questions.
• ​A feedback poll will be available at the end.

The Challenge with Traditional Accounting Technology

• ​Many firms still rely on software like Excel, which is nearly 40 years old.
• ​Modern firms use a mix of cloud and non-cloud software, often disconnected and not communicating efficiently.
• ​Even with cloud adoption, systems are often isolated, leading to inefficiencies.

How Silverfin Addresses These Challenges

• ​Silverfin groups key functions—working papers, accounts production, tax, and reporting—into one platform.
• ​The open API connects with other solutions (e-signing, tax management, general ledger, HMRC, Companies House) to build a connected tech stack.
• ​The platform is agnostic to bookkeeping data sources and can work with data from various systems via sync or import.
• ​Data is standardized to a common chart of accounts, enabling consistent workflows, benchmarking, and analysis across clients.
• ​Main jobs replaced: working papers, accounts production, tax (sometimes management accounts as a fourth area).
• ​All functions are integrated, eliminating the need to move or reformat data between systems.

AI and Automation in Silverfin

• ​AI is integrated throughout the platform, not just as a recent addition.
• ​AI assists with mapping client data, data flow between workflows, suggesting disclosures, and quality checks.
• ​The review process is structured and controlled, reducing risk.
• ​Collaboration is enhanced, allowing team members to access client files and statuses from anywhere.

API and Integration

• ​Accounts and tax can be submitted directly to Companies House and HMRC.
• ​The API connects with third-party systems for tax management and other functions.
• ​Customer Pulse allows for document sharing and client interaction.

Modular Approach

• ​Silverfin is modular; firms can adopt only the modules they need (e.g., working papers, tax, accounts, pulse).
• ​Suitable for phased rollouts or complete migrations.
• ​Supports both large-scale and incremental adoption.

Customer Impact and ROI

• ​Firms report significant time savings and increased capacity.
• ​Examples include increased revenue, more reviews completed, and improved quality of work.
• ​Silverfin serves a range of firms, from aspiring practices to top 100 firms, and supports standardization across acquisitions.
• ​Over 1,000 firms globally use Silverfin, with a strong presence in the UK, Belgium, Netherlands, and Luxembourg, and clients in six countries.

Working Papers Deep Dive

• ​Data is sourced from direct syncs with bookkeeping systems or manual import.
• ​Automatic nightly syncs keep data up to date.
• ​Workflows can be split (e.g., management accounts vs. year-end), with customizable templates and schedules.
• ​Workflow progress bars track completion across interconnected modules (working papers, tax, accounts production).
• ​Balance sheet approach: balance sheet templates are highlighted for completion; P&L schedules can be included as needed.
• ​Templates and schedules are customizable at the client level.
• ​Filtering and search tools help navigate files efficiently.

Gamification and Reconciliation

• ​Visual indicators (red triangles, green circles) show reconciliation status.
• ​The goal is to resolve discrepancies and achieve full reconciliation.

Roll Forward Capabilities

• ​Bulk copy of template data allows for efficient roll forward year-on-year or period-on-period.
• ​Reduces setup time at the start of each job.

Template Examples

• ​Tangible assets: Multiple reconciliations and template data linked to financial data.
• ​Fixed asset register: Acts as a lead schedule, pulling in data and reconciling with the trial balance.
• ​System suggests adjustments (e.g., depreciation) based on methods and useful life.
• ​Data import: Templates allow importing prior data, which then populates working papers, accounts notes, and tax calculations.

Prepayments and Communication Tools

• ​Prepayments template: Roll forward prior period data, system calculates adjustments.
• ​Communication panel: Collaborate within files, raise notes or to-dos, tag users, and categorize communications (client, manager, review points).
• ​Attach documents and present journals within templates.

Navigation and Efficiency

• ​Navigation pane and search tools allow quick movement between sections.
• ​Keyboard shortcuts (e.g., Ctrl+J) for fast access.

AI-Supported Templates

• ​AI assists with data entry and reconciliation in templates like hire purchase agreements.
• ​Option to upload PDFs for instant data extraction.

The webinar continues with further demonstrations and Q&A, focusing on how Silverfin’s working papers module streamlines accounting workflows, enhances collaboration, and reduces manual effort through automation and integration.